New Castle, Delaware, Sept. 06, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Biometric Banking Market by Component (Hardware, Software, and Service) Type (Fingerprint, Facial Recognition, Hand Geometry, Iris Recognition, and Others) and End User (Retail, Government, Transportation, Healthcare Hospitality, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032”. According to the report, the global biometric banking industry generated $4961.82 million in 2022, and is anticipated to generate $23578.68 million by 2032, witnessing a CAGR of 18.3% from 2023 to 2032.
In order to ensure more secure transactions and enhanced customer experience, the banking industry has replaced traditional systems with biometric systems. biometric system further boosts brand reputation and improves customer trust.
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Prime determinants of growth
The shift from physical to digital channels and growing awareness among consumers about the benefits of biometric authentication drive the growth of the Biometric banking market. However, high investment costs and lack of expertise are expected to hamper market growth. Contrarily, the rise of Internet of Things (IoT) devices and edge computing is anticipated to provide lucrative development opportunities for the biometric banking market in the upcoming years.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $4961.82 million |
| Market Size in 2032 | $23578.68 million |
| CAGR | 17.2% |
| No. of Pages in Report | 442 |
| Segments covered | Component, Type, Enterprise Size, End User, and Region. |
| Drivers | Increase in mobile banking and contactless payments Increases security and reduces identity fraud Rise in demand for convenience |
| Opportunities | Technological advancements Growth in emerging economies |
| Restraints | Security concerns and high implementation cost |
Covid-19 Scenario
- The epidemic has accelerated the adoption of digital technologies across all industries, including banking. Banks and financial institutions were urged to accelerate their digital transformation efforts, and increased investment in biometric authentication solutions to improve security and streamline digital processes. While people became more physically cautious for communication, contactless payment methods increased; biometric authentication techniques such as facial recognition and voice recognition took off as they provided secure and simple methods for authorizing transactions without physical contact.
- Overall, the pandemic accelerated innovation in biometric technology, leading to advancements such as more accurate facial recognition algorithms, better voice recognition systems, and improved liveness detection. Therefore, COVID-19 had a positive impact on the biometric banking market.
The fingerprint segment to maintain its leadership status throughout the forecast period
Based on type, the fingerprint segment held the highest market share in 2022, accounting for nearly half of the global biometric banking market revenue. This is due to the fact that fingerprint sensor technology has been continuously improving, with advancements in accuracy, speed, and durability. Newer sensors capture a more detailed image of fingerprint patterns, making authentication even more reliable and secure. However, the iris recognition segment is projected to manifest the highest CAGR of 21.5% from 2023 to 2032. This is attributed to the fact that biometric authentication enables passengers to move seamlessly through various touchpoints of their travel journey, from check-in and security to boarding and baggage claim.
The retail segment to maintain its leadership status throughout the forecast period
Based on end user, the retail segment held the highest market share in 2022, accounting for nearly two-fifths of the global biometric banking market revenue and is estimated to maintain its leadership status throughout the forecast period, because retail sector is embracing multi-modal biometrics methods such as voice, iris, fingerprint, and facial identification. In addition, biometric authentication provides a high level of security by recognizing physical characteristics and behavioral patterns and preventing unauthorized access, identity theft and fraudulent communication s-up to the seamless can go for extortion. However, the transportation segment is projected to manifest the highest CAGR of 21.7% from 2023 to 2032, this is attributed to the fact that biometric authentication enables passengers to move seamlessly through various touchpoints of their travel journey, from check-in and security to boarding and baggage claim.
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North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global biometric banking revenue, owing to increasing popularity of digital banking services has driven the need for secure and user-friendly authentication methods. Biometric solutions align well with the digital banking experience. However, the Asia-Pacific region is expected to witness the fastest CAGR of 20.4% from 2023 to 2032, and is likely to dominate the market during the forecast period. This is because industries, including banking, are undergoing rapid digital transformation in Asia Pacific. Biometric authentication played a crucial role in this transformation by enabling secure online and mobile transactions.
Leading Market Players: -
- Charles Schwab and Co.
- Visa, Inc
- JPMorgan Chase & Co
- Diebold Nixdorf, Incorporated.
- NEC CORPORATION
- IDEMIA
- Infineon Technologies AG
- IDEX Biometrics ASA
- Synaptics Incorporated
- Axon
The report provides a detailed analysis of these key players of the global biometric banking market. These players have adopted different strategies such as partnership, product launch, and expansion to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key benefits for stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the biometric banking market forecast from 2022 to 2032 to identify the prevailing market opportunities.
- Market research is offered along with information related to key drivers, restraints, and opportunities of biometric banking market outlook.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the biometric banking market segmentation assists in determining the prevailing biometric banking market opportunity.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes an analysis of the regional as well as global biometric banking market trends, key players, market segments, application areas, and market growth strategies.
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Biometric Banking Market Report Highlights
By Component
- Hardware
- Software
- Service
By Type
- Fingerprint
- Facial Recognition
- Hand Geometry
- Iris Recognition
- Others
By End User
- Retail
- Government
- Transportation
- Healthcare
- Hospitality
- Others
By Region
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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